Bitcoin Miner Core Scientific’s Productivity Soars 5% In December

Despite filing for bankruptcy protection, Bitcoin mining firm Core Scientific managed to mine a record 1,356 and 1,435 Bitcoins in November and December 2022, about a 5% increase, according to the company’s production and operational updates. These figures make it the most productive public company in the Bitcoin mining industry.

In these two months, the company operated around 152,000 and 153,000 self-mining servers, representing approximately 63% and 66% of its total server count and a self-mining hashrate of 15.4 and 15.7 EH/s, respectively.

According to the press release, the company operated about 243,000 and 234,000 ASIC servers for colocation and self-mining in those months at its data centers in Georgia, Kentucky, North Carolina, Texas, and North Dakota, yielding a total of 24.4 and 23.7 EH/s.

In addition, as of November 30th, the firm’s data centers housed about 37% of their self-mining mining servers and provided services to 91,000 customers who owned ASICs. 

That figure was down slightly to 34% by December 31st, with 80,500 customer-owned servers supported in the company’s data centers. However, customer-owned ASIC servers produced about 795 and 931 BTC between these months. 

Additionally, its data center operations were powered down several times resulting in curtailments of 5,828 hours in November and 17,179 megawatt hours in December.

Bitcoin Miners In Trabalance

As the crypto market boomed in late 2021, miners acquired billions of dollars in debt financing to expand their operations. However, with the market crash in 2022 that followed, publicly traded miners have been forced to take measures such as refinancing and liquidating coin reserves, equity, and other assets, in order to pay off loans and maintain their operations.

According to the recent updates about the Bitcoin miner, Celsius and the company have reached a resolution to a long-standing dispute, with the latter granted permission to shut off more than 37,000 crypto mining rigs that they hadn’t fully paid for. 

The Bitcoin mining firm that offers hosting services to third parties had a hosting agreement with Celsius, which included passing on some power costs. However, since Celsius filed for Chapter 11 bankruptcy protection in July, Core Scientific has failed to pay these bills, as per the claims of their lawyers.

However, Bloomberg reported yesterday that as the value of BTC continues to decrease, cash-constrained miners are cutting back on loans and downsizing their operations in the face of the difficult conditions in the crypto-mining industry.

An analyst at BlocksBridge, Wolfie Zhao, said: 

Miners are trying to deleverage to avoid margin calls or an imminent liquidity crunch if Bitcoin drops below a certain price point.

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